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Bo Davis CEO at MarginEdge
Manage episode 352150232 series 3384310
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Prior to founding MarginEdge, Bo was the founder of Wasabi. Wasabi is a group of conveyor belt sushi restaurants currently operating in DC and Boston. Prior to Wasabi, Bo was in the US Peace Corps serving in Macedonia, earned an MS in Finance from London Business School, and founded an educational software company, Prometheus, which he sold to Blackboard in 2002.
MarginEdge backstory:
Where hospitality met technology
Our story began in a place where many restaurateurs have been themselves—stuck doing manual invoice data entry and inventory in a tiny closet in the back of a kitchen, wondering why the love of food and hospitality came with so many paper cuts. Bo and Roy, two of our founders, have more than 40 years of restaurant experience between them. They’ve built and operated over 25 restaurants around the nation. Even though the size of their back offices differed, the problems they faced as operators didn’t. With a background in successful tech entrepreneurship, Bo assembled Roy and two long-time friends, colleagues, and successful technologists, Mike and Sam. Together, they constructed a creative solution to make running a restaurant easier— and MarginEdge was born.
From one picture to the big picture! It all starts with your closing manager snapping photos of invoices with their smartphones. We take it from there – every line item and every handwritten note is captured! We then integrate with your POS, so each day you know everything you bought and everything you sold! A rolling P&L with drill down capability and it flows effortlessly to your Accounting System of choice.
In between, our tech:
- does data entry of all of your invoices
- updates pricing on your inventory sheets (food and beverage)
- updates your ordering sheets
- keeps your recipes – prep and plated – prices up to date with a real time kitchen recipe viewer
- alerts you if the prices of key ingredients jump
- determines theoretical food and beverage cost/usage vs actual
We are currently working with 1,000+ restaurants in 35 states, from QSR to Fine Dining - Join Us!
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